Using A Home Inspector’s Report To Apply For A Mortgage Refinance
Refinancing a mortgage is normally an easy way to get some extra funds to do things such as renovating the home or making another major investment due to the lower interest rates that are normally obtained. However, it has to be done in the right manner in order for it to be successful. For instance, most lenders require that borrowers go through a few checks in order to ascertain their eligibility for such a loan. For instance, one may have to get the home inspected in order to prove that it’s good enough as a collateral for the loan.
Doing this in some regions might not be necessary, but it is a good way of increasing your odds with the application. However, for it to work out in your favor, there are a number of things you need to look out for. Some of these include:
Use inspectors that are recognized by the lender
When you need an inspection report, you will need to work with a third party in getting it done. How this is done will determine whether it’s successful or not. There are many inspectors that you can approach for this, but only a handful of them are trusted by most major lenders. There are many people who have gone through the effort of finding and paying an inspector to come up with such a report, but then have it rejected.
To avoid this, you need to figure out what kind of inspector your lender would recognize, and then hire them for the service. Alternatively, you could opt to figure out what the big names in the industry are, and then work with them. Most of these have a solid reputation with the major lenders, so you can be sure that their reports will be accepted.
Get the most thorough evaluation
When a report looks thorough, it’s more likely to be accepted as proof of the state of the house when you are remortgaging. Therefore, if the service provider offers a range of inspection options, it would be a good idea to go for one that is as thorough as possible. In addition to that, you also have to discuss your expectations with the inspector. There are some that routinely offer basic inspection services only, and it may not be a good idea to work with them if you need more thorough work done. By discussing the details of the service fast, you can quickly identify those who can serve these needs adequately.
If possible, you may also need to find out what the lender considers when they are assessing the report. This way, it will be easier for you to ask the inspector to do specific things that will lead to the report being accepted by the lender. This is also a good way of avoiding wasting time.
These are just some of the things you need to keep in mind when in the process of finding an inspector for such services. The key issue here is to always use such an inspection report when applying for remortgaging, but only if it’s from a trustworthy source.